Santos and Repsol Consider Selling Stakes in Alaska Oil Fields
Santos and Repsol are considering selling a minority stake in oil fields they jointly own and develop in Alaska. The deal could cost about $1 billion.
Oil fields include the Pikka project, one of the largest in Alaska. Its value is estimated by consulting firm Rystad Energy at $4.5 billion.
Because the discussions are confidential, the companies are partnering with an investment bank to jointly sell minority stakes in Pikka, as well as partial interests in the Horseshoe and Quokka fields, which are located in the North Slope region of Alaska.
Repsol and Santos declined to comment, Reuters reported.
Shares are so-called non-working positions. This means that the owner receives a share of the proceeds from the sale of hydrocarbons without having to do any drilling or participate in operations. At the same time, he must contribute to the costs.
